Texas Insurance Code - Section 424.155. Collateral Requirements
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 424.155. Collateral Requirements
§ 424.155. COLLATERAL REQUIREMENTS. (a) While a
transaction under this subchapter is outstanding, the insurer or
the insurer's agent or custodian shall maintain, as to acceptable
collateral received in the transaction, either physically or
through the book-entry system of the Federal Reserve, Depository
Trust Company, Participants Trust Company, or another securities
depository approved by the commissioner:
(1) possession of the collateral;
(2) a perfected security interest in the collateral;
or
(3) in the case of a jurisdiction outside of the United
States, title to, or the rights of a secured creditor to, the
collateral.
(b) The amount of collateral required for repurchase,
reverse repurchase, and securities lending transactions is the
amount required under the Purposes and Procedures Manual of the
securities valuation office or a successor publication.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.113 424.114 424.115 424.151 424.152 424.153 424.154 424.155 424.156 424.157 424.201 424.202 424.203 424.204 424.205
Last modified: August 10, 2007
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